ALBANY, N.Y. (9/30/13)--New York's credit union's say reaching young adults is their top priority for growth, according to a survey by the Credit Union Association of New York.
The survey found that 97% of the 115 credit unions responding also are satisfied or very satisfied with the value the association provides its credit unions.
Key findings include:
Reaching young adults is a priority. Credit unions were given a list of scenarios and asked to choose the top three that described how they saw their credit union evolving during the next three years. About 75% chose "stronger focus on young adults" among their top three scenarios. "Field of membership expansion" (42%) and "partnering with other credit unions" (35%) were the other most popular selections.
Taxation threats and regulatory burden are the top challenges. When asked to identify the most significant challenges facing credit unions over the next three to five years, 51% mentioned the threat of taxation in their responses, and 47% mentioned regulatory burden/compliance-associated costs. Marketplace competition (12%) and aging membership/lack of young adult members (10%) were other common responses.
Credit unions can maximize on consumer dissatisfaction with banks/opportunities to build public awareness. When asked to identify the most significant opportunities that could positively impact the credit union movement over the next three to five years, 29% of respondents mentioned consumer dissatisfaction with banks and/or opportunities to build increased awareness of credit unions. Potential loan growth (15%), technological advancements/opportunities (12%) and increased credit union cooperation/partnerships were other common responses.
"When it comes to the issues they're most concerned about, I believe New York credit union leaders are very representative of their peers nationwide," CUANY President/CEO William J. Mellin said. "The Don't Tax My Credit Union campaign is still a critical advocacy initiative of ours, as is working with National Credit Union Administration and the Consumer Financial Protection Bureau to reduce unnecessary regulatory burden. It's not surprising that our credit union leaders cited compliance support as the most valuable association service we offer, and it's a service that will continue to be crucial as we move forward."
Every asset category and region in the state was represented in the survey responses, with 39% of CUANY's total membership participating.
"These responses validate our efforts to connect credit unions with tools and resources for reaching emerging markets," said Mellin. "From our statewide Young Professionals Commission to various outreach workshops, we'll continue to support New York credit unions in attracting and engaging young adults and other key groups."